CBRE GROUP, INC. CBRE
CBRE is the world's largest commercial real estate services and investments firm (based on 2025 revenue). We derive competitive advantage from our considerable scale and ability to offer integrated solutions for real estate investors and occupiers in more than 100 countries. We are global market leaders in most of our business lines and drive significant growth by helping clients optimize real estate costs, value, investment returns and workplace experiences. These capabilities, combined with our extensive knowledge platform (research, data, strategy, etc.), allow us to generate superior outcomes for our clients, which included nearly 90% of Fortune 100 companies and many of the world's largest institutional real estate investors in 2025.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $39.90B | $35.18B | $31.50B | $30.17B | $26.95B | $23.17B | $23.27B | $20.78B | $18.15B | $16.83B |
| Cost of revenue | $32.98B | $28.81B | $25.68B | $24.24B | $21.58B | $19.05B | $18.69B | $16.45B | $14.31B | $78.5M |
| Gross profit | $6.92B | $6.37B | $5.83B | $5.93B | $5.37B | $4.12B | $4.59B | $4.33B | $3.85B | $16.75B |
| Total operating expenses | — | — | — | — | — | — | — | $3.37B | $2.86B | $2.78B |
| Operating income | $1.75B | $1.41B | $1.12B | $1.51B | $1.64B | $969.8M | $1.26B | $1.09B | $1.08B | $816.8M |
| Interest expense | — | — | $149.0M | $69.0M | $50.0M | $67.8M | $85.8M | $98.7M | $127.0M | $144.9M |
| Pre-tax income | $1.59B | $1.22B | $1.28B | $1.66B | $2.41B | $970.0M | $1.36B | $1.38B | $1.17B | $882.1M |
| Income tax | $317.0M | $182.0M | $250.0M | $234.0M | $568.0M | $214.1M | $69.9M | $313.1M | $467.8M | $296.9M |
| Net income | $1.16B | $968.0M | $986.0M | $1.41B | $1.84B | $752.0M | $1.28B | $1.06B | $697.1M | $573.1M |
| EPS, basic | 3.88 | 3.16 | 3.20 | 4.36 | 5.48 | 2.24 | 3.82 | 3.13 | 2.06 | 1.71 |
| EPS, diluted | 3.85 | 3.14 | 3.15 | 4.29 | 5.41 | 2.22 | 3.77 | 3.10 | 2.05 | 1.69 |
| Shares, diluted (wtd. avg.) | $300.8M | $308.0M | $312.6M | $327.7M | $339.7M | $338.4M | $340.5M | $343.1M | $340.8M | $338.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.86B | $1.11B | $1.37B | $1.41B | $2.54B | $2.04B | $1.09B | $863.9M | $751.8M | $762.6M |
| Receivables | $8.28B | $7.00B | $6.37B | $5.33B | $5.15B | $4.39B | $4.47B | $3.67B | $3.11B | $2.61B |
| Total current assets | $13.49B | $9.97B | $9.67B | $8.53B | $10.08B | $8.85B | $7.53B | $6.75B | $5.63B | $5.12B |
| Property, plant and equipment | $1.05B | $914.0M | $907.0M | $836.0M | $816.1M | $815.0M | $836.2M | $721.7M | $617.7M | $560.8M |
| Goodwill | $7.05B | $5.62B | $5.13B | $4.87B | $5.00B | $3.82B | $3.75B | $3.65B | $3.25B | $2.98B |
| Other intangibles | $2.97B | $2.30B | $2.08B | $2.19B | $2.41B | $1.37B | $1.38B | $1.44B | $1.40B | $1.41B |
| Total assets | $30.88B | $24.38B | $22.55B | $20.51B | $22.07B | $18.04B | $16.20B | $13.46B | $11.72B | $10.78B |
| Short-term debt | $71.0M | $36.0M | $9.0M | $428.0M | $0 | $1.5M | $1.8M | $3.1M | $8.0K | $11.0K |
| Total current liabilities | $12.32B | $9.29B | $8.24B | $8.24B | $8.42B | $7.14B | $6.44B | $5.80B | $4.71B | $4.53B |
| Long-term debt | $5.05B | $3.25B | $2.80B | $1.09B | $1.54B | $1.38B | $1.76B | $1.77B | $2.00B | $2.55B |
| Total liabilities | $21.25B | $15.19B | $13.48B | $11.91B | $12.71B | $10.53B | $9.92B | $8.45B | $7.54B | $7.72B |
| Retained earnings | $9.92B | $9.57B | $9.19B | $8.83B | $8.37B | $6.53B | $5.79B | $4.50B | $3.44B | $2.66B |
| Total equity | $8.88B | $8.41B | $9.07B | $8.61B | $9.36B | $7.12B | $6.27B | $5.01B | $4.17B | $3.15B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.56B | $1.71B | $480.0M | $1.63B | $2.36B | $1.83B | $1.22B | $1.13B | $894.4M | $617.0M |
| Stock-based compensation | $120.0M | $146.0M | $96.0M | $160.0M | $185.0M | $60.4M | $127.7M | $128.2M | $93.1M | $63.5M |
| Capital expenditure | $366.0M | $307.0M | $305.0M | $260.0M | $210.0M | $266.6M | $293.5M | $227.8M | $178.0M | $191.2M |
| Investing cash flow | -$1.63B | -$1.51B | -$681.0M | -$832.0M | -$1.28B | -$744.1M | -$721.0M | -$560.7M | -$302.6M | -$150.5M |
| Financing cash flow | $796.0M | -$221.0M | $154.0M | -$1.77B | -$490.0M | -$222.8M | -$271.9M | -$506.6M | -$627.7M | -$220.7M |
| Buybacks | $968.0M | $627.0M | $665.0M | $1.85B | $369.0M | $50.0M | $145.1M | $161.0M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001138118-26-000005.
Others in SIC 6500
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| TRNO | Terreno Realty Corp | $7.15B | 16.8x | 24.5% |
| MRP | Millrose Properties, Inc. | $5.32B | 13.1x | — |
| CIGI | Colliers International Group Inc. | $5.03B | 49.0x | 15.3% |
| CWK | Cushman & Wakefield Ltd. | $3.21B | 35.9x | 8.9% |
| CURB | Curbline Properties Corp. | $3.11B | 79.6x | 51.3% |
| UE | Urban Edge Properties | $2.64B | 28.4x | 6.1% |
| GTY | GETTY REALTY CORP /MD/ | $2.01B | 24.1x | 9.0% |
| EFC | Ellington Financial Inc. | $1.74B | 11.3x | — |